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HOW TO MAKE A SMART SECOND-HOME PURCHASE
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| There are signs that the housing market is cooling. The inventory of unsold homes rose 3.8% in June to the highest level since July, 1997, while the national median home price posted its slowest year-over-year price increase since May, 1995, according to the National Association of Realtors. Because of uncertainty in the housing market, some investors are holding back investing, including second-home buyers. However, there are deals out there and a savvy investor and/or a second home buyer has to find a savvy
WHAT TO DO
If you are considering purchasing a second home and want to find a locale that is likely to hold its value in a cooling market, with good investment potential -- note differences between asking and selling prices, read and articles and take advantage of online pricing tools. Consider "undervalued" markets -- places generally free of big spikes or declines in home prices and be wary of overvalued markets, which are at risk of price declines. with steady housing demand and lower-priced beach towns, which are likely to remain hot with buyers.
HOME VALUE
The top 10 most undervalued U.S. housing markets, based on 2006 first-quarter median prices, median income, population and historic values.
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| MARKET |
FIRST-QUARTER MEDIAN PRICE |
UNDERVALUATION |
| College Station-Bryan, Texas |
$94,200 |
23.7% |
| Dallas |
$129,000 |
18.9% |
| Fort Worth, Texas |
$105,500 |
18.5% |
| Houston |
$110,600 |
15.8% |
| Killeen, Texas |
$93,000 |
15.1% |
| Midland, Texas |
$92,900 |
13.6% |
| El Paso, Texas |
$94,000 |
13.1% |
| McAllen, Texas |
$58,400 |
12.9% |
| Shreveport, La |
$95,700 |
12.7% |
| New Orleans |
$146,700 |
12.4% |
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4141 Veterans Memorial
Blvd |
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Metairie, LA 70002 |
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Phone: Office Line
504-457-2662 or Cell 504-914-0988 |
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